I just re-read it, and it seems you're right.

But it is against Steamgifts rules, and it just doesn't seem right.

From the Indie Royale FAQ:

Q: Can I share games / bundle / Desura keys if I already own a game in the bundle?

Indie Royale bundles are strictly for personal use only. Sharing Steam keys because you already own a game in the bundle is not allowed. The same applies for Desura keys. If your friend wants a bundle you should gift them or they can purchase it themselves.

From the SteamGifts FAQ:

Users may not submit individual gift from any bundle. This includes either keys for activating the entire bundle, parts of the bundle, or individual keys or giftable items/games. Please do not submit games from bundles while they are on sale to avoid confusion. These giveaways are subject to immediate removal. Members may only submit unused, giftable links of the bundle. Accounts that habitually violate this policy may be suspended until further notice.